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Survey size
![21 participating law firms 21 participating law firms](/-/jssmedia/hinv/images/campaigns/venture-capital-term-sheet-guide-2024/21-participating-law-firms-image.jpg?h=631&iar=0&w=1316&hash=3184684908C0A7B93214A06C3FEE1B66)
![426 term sheets analysed 426 term sheets analysed](/-/jssmedia/hinv/images/campaigns/venture-capital-term-sheet-guide-2024/426-term-sheets-analysed-image.jpg?h=631&iar=0&w=1316&hash=93448504E2CD619FE24FD8AC8E5DB210)
![4.5bn Pound aggregate investment value 4.5bn Pound aggregate investment value](/-/jssmedia/hinv/images/campaigns/venture-capital-term-sheet-guide-2024/4-5bn-aggregate-investment-value-image.jpg?h=631&iar=0&w=1316&hash=FDE1AD53AB381C4C374B027F44EE9CD9)
Key takeaways
![](/-/jssmedia/hinv/images/campaigns/venture-capital-term-sheet-guide-2024/speed-investment-icon.png?h=249&iar=0&w=250&hash=E18AF79494A4AFF21DA4EC96D3E3AD41)
Seed investment up as investor focus shifts
Seed investments represented 29% of total term sheets analysed, up from 24% in 2022, as investors shifted their focus to earlier stages with many late-stage companies struggling with recaps and down rounds.
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CleanTech, Health Tech and AI surge
2023 saw increased CleanTech and AI activity, which represented approximately 20% of term sheets surveyed, and sustained interest in Health Tech. We expect these sectors to remain attractive in 2024.
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Cross-border interest in later-stage UK companies
While most Seed (67%) and Series A (57%) investment into UK companies came from local investors, more than half of Series B and C+ investment came from abroad as investor seek stable opportunities.
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